CyberNews Briefs

A third of organizations hit by ransomware were forced to close temporarily or permanently

Censuswide was recently commissioned by Cybereason to produce a report that details the costs of ransomware to businesses. The report explains how a successful ransomware attack can devastate an organization, and even drive it out of business. The lasting damage than can occur follows companies for months, sometimes years, leading to struggles down the road. The report found that of the respondents, 73% confirmed that they had been subject to a ransomware attack in the past year. The report surveyed 1,400 cybersecurity professionals in the US, UK, and the EU.

Of companies surveyed that opted to pay ransomware demands, roughly half stated that they paid up to avoid revenue loss. Another 41% said they paid to expedite the recovery of their compromised files, while others stated they were short staffed or that the nature of the work made downtime undesirable. However, paying ransom demands does not mean that all of the issues and effects of the cyberattack are mitigated. More than half of those surveyed confirmed that they still ran into system issues down the line even after paying ransom. Some were even hit less than a month later by the same attackers.

Read More: A third of organizations hit by ransomware were forced to close temporarily or permanently

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.